Will I pay tax when I sell this property?
Enter what you paid and what you sold for, the costs on both sides, the dates and the years it was your principal residence. A home that was your principal residence every year you owned it is usually tax-free.
Your estimate
What the calculator assumes.
Principal residence exemption. The exempt share is (1 + years designated) ÷ years owned, counting each tax year you owned the property. The extra year lets you designate the home you sell and the one you buy in the same year. Only one property per family unit can be designated for a year. Source: CRA Income Tax Folio S1-F3-C2. Report the sale on Schedule 3 and Form T2091(IND), even when it is fully exempt.
Inclusion rate. Half of a capital gain is taxable. The proposed increase was cancelled. Source: CRA.
Flipped property. A home held less than 365 consecutive days and sold from 2023 on is taxed as business income unless a life event applies. Source: CRA. British Columbia also has its own home flipping tax.
Not included. Capital cost allowance recapture on a rental, the change-in-use rules, non-resident withholding and provincial differences. Ask a tax professional before you sell.